What is Summit of Coin?
Hello everyone, my name is Seth. I am the proud founder and writer extraordinaire of summitofcoin.com. I started Summit of Coin, because I wanted to be able to help people reach their financial goals. At one point in my life, I hit rock bottom and was struggling through each paycheck. Years later, I changed how I handle money and have since turned my life around. My wife and I have destroyed all of our consumer debt and are currently working on paying off our house. We currently live and work in the Houston area. This blog details our journey to the financial summit, which is when you reach the point when your money is making more than you are. This point is called financial freedom. We hope to share everything that we learn through this journey and we hope to help you reach your financial goals. Let's climb!
It was a Friday, I remember it well. My wife and I were visiting her grandmothers house and it was a pretty relaxing weekend. I got on my phone to check my e-mail and there it was, in my inbox. An e-mail that would end up eventually costing us $300, but possibly saving us at least $599 in the long run.
Integrity. A simple word that has so much meaning and high expectations. Leaders want to hire people that they can trust and integrity is the essence of your moral character. I had always thought that high integrity deals with telling the truth and being an overall good person.
Every year, my wife and I discuss our old cars. We look at our savings, we look at how much a new car costs and the yearly expenses to keep the old car. Every time I look at this data, I always draw the same conclusion. In the long run, I am better off keeping the old car. Whether you decide to keep an old car or buy a new car, you must understand that a car is going to be a money pit. It will need gas, it will need repairs, it will even need to be washed and there is no way to avoid these extra costs.
Last month, I wrote about how parents always want the best for their kids and will do anything to help them succeed. During that article, I discussed that some parents will even go into debt and take out a second mortgage to help pay for their kids college. Instead of doing this, I suggested saving for college when the children are young and allowing the money to grow. This will give the parents money for college and they won't have to take out any loans.
Recently, I was watching some football and a commercial came on that caught my eye. It was talking about the fact that tax refunds won't be available until February 15th. So, the tax company in the commercial was offering a tax refund advance. I was literally stunned to see this and feared that these advances would be eerily similar to payday lenders. My research actually found some good numbers, but first let's discuss the reason for tax refund disbursements occurring February 15th or later.
There is just something about the galaxy far, far away that peaks my interest. I love the characters, the story, the force and the lightsabers. I would even re-enact lightsaber battles using yardsticks with my sister as kids. I have been mesmerized with everything Star Wars and Rogue One was no different. Rogue One was made and developed in a way to honor the original Star Wars movies and I am a big fan of how it showed us a story leading up to Episode IV: A New Hope.
We've all had those co-workers that constantly complain about their job. We've all seen the negative comments that are thrown around the internet. We have all heard the complaints from people that sound something like, "It is just too hard for anyone to get ahead in this day and age." We've all heard the complaints about the economy. And of course, I have heard many complaints about our current President and our President-elect.
The ESA is a tax advantage account that can be used for the cost of education expenses in the future for a designated beneficiary. These expenses include college tuition, college room and board, other college expenses and tuition for elementary and high schools.
We are 12 days removed from the end of the holiday season. We are 12 days from the beginning of a new year. This is the perfect time to make a change. This is a perfect time to start preparing for retirement. This is the perfect time to stop expecting things to start taking control of your own life. This is the perfect time to start saving more money.
Sure there are some wealthy people that inherited their wealth, but a majority of wealthy people built their wealth over long periods of time. They had to take some risks. They had to sacrifice a little. They had to make changes in their lives. Some self-made millionaires realized that they had a problem and did something about it. They didn't just sit around waiting on things to get better, but instead they did something to change their lives.
Every quarter and every year, I breakdown our spending and savings rates. A spending rate when compared to a savings rate will affect how fast you can reach financial independence. The lower your savings rate, then the longer it will take you to reach the financial summit. In 2016, we had a 35% savings goal, which is 5% lower than our savings rate in 2015. Our goal dropped because of home ownership. It is amazing at how much money a house can suck out of your bank account. With all of that in mind, let's break down the October savings rate.
Maybe, I am different than most people, but I love this time of year. I love spending time with family. I love trying to find gifts for people on my gift list. I love decorating and enjoy listening to Christmas music throughout the season. I will sometimes even listen to Christmas music in the summer, which can annoy my wife.
Back in the beginning of this great nation, there were great leaders that imagined a different kind of country. A country built on the freedom of all men. A country where anybody can pursue their own happiness. A country where people can make something out of nothing in their own lives. This country was built on the imagination of our forefathers.
Christmas, in my opinion, is one of the best holidays to celebrate. As a child, I always enjoyed running into Mom and Dad's room and waking them up. The whole family would then go out and open presents on Christmas morning. Just like any child, I loved the whole season and the anticipation for Christmas morning. As I get older, the anticipation for Christmas morning is not as prevalent, because I understand that those gifts cost my family money. I even feel bad when my family spends too much on me, just for the holidays.
And I'm not talking about that "I ate too much hangover." I'm talking about that "I spent too much hangover." We've all been there. We've all dropped more money than we should of on Christmas. We all have dreaded the future credit card payments. We've all had to pay for Christmas months into the new year.
This weekend, I was listening to a podcast (as I usually do). This podcast had a guest by the name of Max Lucado. Max Lucado is a pastor and christian author. He specifically talked about how Christmas is either the best or the worst holiday. For someone like me, I have always had family to share this great holiday season with, so it has always been a great holiday for me.
The other day, I was listening to the "Retire Inspired Podcast" hosted by Chris Hogan. During this particular podcast, he listed off characteristics of highly successful people. I jotted down notes and wanted to dive more in depth into each topic. One particular characteristic stuck out to me.
A shoe game is a game played by students (maybe even some adults) in schools. I don't know the age range of the participants, but the students in 7th and 8th grade at my school worry about their 'shoe game.' A shoe game is a comparison between the amount and type of shoes owned. This is a big deal to my students in middle school, because having a bunch of different shoes and really nice shoes is a status symbol. This could possibly be from the fact that my school has a dress code for shirts, jackets and pants, but no dress code on shoes.
As a child, I didn't understand the importance of Thanksgiving. All I cared about was Christmas! I wanted those presents (just like any kid). So as a kid, Thanksgiving was kind of a boring holiday, because all we did was get together eat food and hang out with family. I didn't understand the simple importance of spending time with family. I didn't understand the little things in life that make this world great.
This past summer, I worked summer school at one of the high schools in my school district. Just like at my school, there was an opportunity to get a free meal from a financial advisor. I normally avoid the teachers lounge on these days, because I like to avoid the awkward conversations. This time, I was interested to hear what they had to say. I took this as an opportunity to listen to the message and report back to my readers. Plus, I was interested to learn more about TRS.
We are one week into the election of Donald Trump as the President of the United States. There were plenty of theories on what would happen to the market if Trump was elected, and these theories mainly projected a Brexit like dip. I was even hoping for this outcome. I love to buy, when the market is on sale. When the market dropped after the Brexit vote, I invested $1,000 in the market and I have earned a good chunk of money on that one decision.
As you may of heard, today is election day. The day where the end of one of the craziest election cycles finally occurs. The day where many people will run to polls to vote against Trump or vote against Hillary. A lot of people don't like either candidate, and that's why this election cycle has been so disappointing. The two major parties in America today, selected probably the two worst candidates for president.
Recently, I was having a conversation with my brother-in-law. In this conversation, he told me a story about how he was helping a widow with some yard work and mending a fence one Saturday (a program that our church has to help the widows in the church community). She was recently widowed (less than two weeks) and there were multiple guys helping her with her yard and fence, but she asked for one more thing before they left. She wanted help with the finances.
One thing that I continue to hear are complaints about the fact that this country has developed a bunch of entitled brats. People who think everything in life should be easy. People who think that they are owed a specific job or that they are owed a promotion. People who think that they can show up to work and push their jobs onto other people. People who complain when things don't go their way. People who want to get rich quick. People who waste all of their money, but hope the lottery will bring them riches.
I found this picture and knew it just fit this time of the year. Fall is my favorite season of the year, because it involves some of my favorite things to do. With Football season and the build up to the holidays, what is there not to love? I love at how the weather changes from summer to fall. Living in Texas, the summers can be pretty hot, but the fall weather in Texas is beautiful. I have enjoyed many fall days outside in the cooler temperatures this year. Along with the cooler temperatures, comes a change in the color of the trees. The leaves fall and the vibrant reds, yellows and oranges fill the horizons. This is probably one of the things that I miss the most about living in Nebraska. We don't get the full seasons in south Texas, and my only opportunities to see the weather change is to visit the Northern States.
Everybody who owns a car, owns one for a reason. Some people need their cars to get from point A to point B. Some people buy cars to impress their neighbors. Some people just buy an absurd amount of cars, because they like them. No matter who you are or why you buy a car, there comes this added cost of insuring the vehicle.
Above photo was taken at Mount Rainier National Park in Washington.